Raymond James analyst Sam Darkatsh reiterated a Market Perform rating on Whirlpool Corporation (NYSE: WHR).

The analyst comments "Summary: The Fed’s industrial production report suggests the appliance industry remained weak in April at the manufacturing level, while pricing data was stable. ● The Fed reported April IP of major appliances was -9.8% y/y (not seasonally adjusted). We estimate no y/y difference in shipping days for April under AHAM’s calendar. March IP was revised lower (now -8.7% y/y from -7.8% prior). For comparison, in 1Q26, January IP was -7.7% (compared to reported daily AHAM -5.8%), February IP was -10.3% (AHAM -5.5%), and March IP was -8.7% (AHAM -9.7%). Recall Whirlpool’s full-year 2026 industry volume guidance for North America is -5% (vs. 1Q26 daily AHAM -8%). Further, we believe that Whirlpool is assuming 2Q AHAM shipments down mid-single digits y/y. ● Two-year stacked major appliance IP mildly worsened to by 40bp in April vs. March and by 400bp vs. February. May’s prior year IP comparison is ~80bp more difficult vs. April (we estimate no difference in shipping days y/y in May under AHAM’s calendar). In contrast, May’s AHAM prior year comparison is ~270bp easier sequentially vs. April. ● Assuming April AHAM shipments were similar to the y/y change in IP (i.e., ignoring possible comparability issues), we peg industry core-6 shipments/day at ~127K (Fig 1). If true, April IP implies the worst average daily shipment level for a “non-January” month in over 15 years. January is typically slow seasonally, but even including January’s, April 2026 would be the fourth-worst month since January 2015 (with only January in each of 2023, 2024, and 2025 lower). ● Major appliance PPI for April was flat sequentially and +3.7% y/y (Fig 2). The two-year stacked change slipped 20bp in April vs. March. Recall Whirlpool’s promotion-related price increase was effective in April while its list price increase is effective in July. April major appliance CPI was -0.8% sequentially vs. March and -0.7% y/y (Fig 3). The 2-year stacked decrease in major appliance CPI improved 90bp in April vs. March. ● Our ($0.13) adjusted EPS estimate for Whirlpool’s 2Q26 assumes NA MDA sales +2% y/y, with volumes -5%. Consensus has 2Q EPS of $0.24 with NA MDA sales also +2% y/y."

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Shares of Whirlpool Corporation closed at $42.53 yesterday.